Earnings summaries and quarterly performance for Constellation Energy.
Executive leadership at Constellation Energy.
Joseph Dominguez
Detailed
President and Chief Executive Officer
CEO
BH
Bryan Hanson
Detailed
Executive Vice President and Chief Generation Officer
DE
Daniel Eggers
Detailed
Executive Vice President and Chief Financial Officer
JM
James McHugh
Detailed
Executive Vice President and Chief Commercial Officer
KB
Kathleen Barrón
Detailed
Executive Vice President and Chief Strategy and Growth Officer
Board of directors at Constellation Energy.
AA
Alan Armstrong
Detailed
Director
AK
Ashish Khandpur
Detailed
Director
BH
Bradley Halverson
Detailed
Director
CH
Charles Harrington
Detailed
Director
DJ
Dhiaa Jamil
Detailed
Director
EP
Eileen Paterson
Detailed
Director
JR
John Richardson
Detailed
Director
JH
Julie Holzrichter
Detailed
Director
NR
Nneka Rimmer
Detailed
Director
PO
Peter Oppenheimer
Detailed
Director
RL
Robert Lawless
Detailed
Chair of the Board
Yd
Yves de Balmann
Detailed
Director
Research analysts who have asked questions during Constellation Energy earnings calls.
DA
David Arcaro
Morgan Stanley
7 questions for CEG
Also covers: AEP, AES, ATO +32 more
JT
Jeremy Tonet
JPMorgan Chase & Co.
4 questions for CEG
Also covers: AEE, AEP, AM +45 more
PZ
Paul Zimbardo
Jefferies Financial Group Inc.
4 questions for CEG
Also covers: ATO, AWK, DTE +9 more
SP
Shahriar Pourreza
Guggenheim Partners
4 questions for CEG
Also covers: AEE, AEP, AVA +29 more
Steve Fleishman
Wolfe Research, LLC
4 questions for CEG
Also covers: AEP, CNP, CWEN +11 more
Steven Fleishman
Wolfe Research
3 questions for CEG
Also covers: AEP, CNP, CWEN +18 more
AW
Andrew Weisel
Scotiabank
2 questions for CEG
Also covers: AEP, BKH, CMS +13 more
Angie Storozynski
Seaport Research Partners
2 questions for CEG
Also covers: AGR, AWK, CMS +8 more
JW
James West
Evercore ISI
2 questions for CEG
Also covers: AMPS, BKR, BORR +12 more
SK
Sophie Karp
KeyBanc Capital Markets Inc.
2 questions for CEG
Also covers: AGR, AVA, CMS +12 more
AS
Agnieszka Storozynski
BofA Securities
1 question for CEG
Also covers: AES, AGR, AWK +11 more
DC
Durgesh Chopra
Evercore ISI
1 question for CEG
Also covers: AEE, AEP, AES +22 more
Nicholas Campanella
Barclays
1 question for CEG
Also covers: AEE, AEP, AES +32 more
Recent press releases and 8-K filings for CEG.
Constellation Energy Corp completes private exchange offers for Calpine notes and issues new debt
CEG
Debt Issuance
M&A
- Constellation completed private exchange offers on January 15, 2026, exchanging $2.289722 billion of Calpine’s outstanding 4.625%, 5.000% and 3.750% Senior Notes for newly issued Constellation Notes; the tendered Calpine Notes were retired and canceled.
- Concurrently, Calpine solicited and received holder consents to amend its indentures, eliminating most restrictive covenants and non-payment events of default, and entered into three supplemental indentures to effect these amendments.
- The new Constellation Notes, issued under the September 28, 2007 indenture, carry the same interest rates and maturities as the exchanged instruments: 4.625% due February 1, 2029, 5.000% due February 1, 2031, and 3.750% due March 1, 2031 (interest paid semi-annually).
- The Constellation Notes are subject to optional redemption in accordance with the terms set forth in each series’ note indenture.
5 hours ago
Constellation completes Calpine note exchange offers
CEG
Debt Issuance
M&A
- Constellation’s private exchange offers and related consent solicitations for Calpine’s notes expired January 12, 2026, with $646.822 million (99.51%) of 4.625% 2029 notes, $847.698 million (99.73%) of 5.000% 2031 notes and $795.202 million (88.36%) of 3.750% 2031 secured notes validly tendered.
- The Proposed Amendments eliminate substantially all restrictive covenants (other than payment- and bankruptcy-related defaults) and will release the collateral securing the 2031 secured notes.
- All conditions for closing the exchange—including Constellation’s acquisition of Calpine on January 7, 2026—have been satisfied or waived, and settlement is expected around January 15, 2026.
- Eligible holders who tendered prior to the early-tender deadline will receive Constellation notes in equal principal amounts plus $1.00 per $1,000 for unsecured notes and $2.83 per $1,000 for secured notes; late tenders receive $970 principal amount of notes per $1,000 tendered.
3 days ago
Meta secures up to 6.6 GW of nuclear power by 2035
CEG
New Projects/Investments
- 20-year PPAs with Vistra will deliver 2.1 GW from existing Ohio reactors and fund uprates adding 433 MW.
- Deal with TerraPower funds two 690 MW Natrium reactors and rights to energy from up to six additional units by the mid-2030s.
- Oklo agreement supports development of up to a 1.2 GW advanced-reactor campus in Ohio, potentially online around 2030.
- Power from all projects will flow into the PJM grid to help run Meta’s Prometheus AI supercluster in New Albany, Ohio, slated to go online later this year.
7 days ago
Constellation completes Calpine transaction
CEG
M&A
- Constellation completed its acquisition of Calpine Corporation from Energy Capital Partners, creating the nation’s largest producer of electricity by uniting its zero-emission nuclear fleet with Calpine’s natural gas and geothermal generation.
- The combined organization serves 2.5 million customers nationwide with 55 GW of capacity—enough to power the equivalent of 27 million homes and supply about 10% of U.S. clean energy.
- The merger strengthens Constellation’s footprint in key regions including Texas, California, Illinois, Maryland, New York and Pennsylvania, and establishes a platform for scaling advanced technologies such as advanced nuclear, geothermal, carbon capture and long-duration storage.
- Constellation will maintain its headquarters in Baltimore with a significant presence in Houston, and expand community impact through more than $23 million in annual giving and thousands of volunteer hours.
Jan 7, 2026, 9:23 PM
Constellation completes Calpine acquisition
CEG
M&A
- Constellation completed its acquisition of Calpine from Energy Capital Partners, creating the nation’s largest electricity producer with 55 GW of generating capacity.
- The combined company now serves 2.5 million retail and business customers, offering the broadest clean and reliable energy solutions.
- The deal strengthens Constellation’s footprint in Texas and California while retaining major operations in Illinois, Maryland, New York, and Pennsylvania.
- Constellation will maintain headquarters in Baltimore and a significant Houston presence, expanding community impact with over $23 million in annual giving.
Jan 7, 2026, 9:15 PM
Constellation extends Calpine note exchange offers and details issuance terms
CEG
Debt Issuance
M&A
- Constellation extended the expiration of its Calpine notes exchange offers and consent solicitations from January 8, 2026 to January 12, 2026, New York City time.
- Early tender results show $646,822,000 (99.51%) of 4.625% 2029 notes, $846,337,000 (99.57%) of 5.000% 2031 unsecured notes, and $794,462,000 (88.27%) of 3.750% 2031 secured notes have been validly tendered and consented.
- For each $1,000 principal tendered by the early deadline, holders receive an equal principal amount of new Constellation notes plus $1.00 cash for 2029 and 2031 unsecured notes and $2.83 cash for secured 2031 notes; late tenders receive $970 principal amount of notes only, with no cash consideration.
- New Constellation notes will be issued in minimum denominations of $2,000 and in integral multiples of $1,000, with any residual principal paid in cash in lieu of fractional notes.
Dec 23, 2025, 12:59 PM
Constellation Energy announces PJM 2027–2028 capacity auction results
CEG
- On December 17, 2025, Constellation Energy reported that all its power plants in the PJM market cleared the 2027–2028 capacity auction, with results effective June 1, 2027.
- The company’s PJM portfolio cleared 17,950 MW of capacity—15,525 MW nuclear and 2,425 MW fossil/other—at a clearing price of $333/MW-day.
Dec 17, 2025, 10:20 PM
Constellation Energy renews licenses for Clinton & Dresden
CEG
New Projects/Investments
- NRC approves 20-year license renewals for the Clinton Clean Energy Center (through 2047) and Dresden Clean Energy Center (through 2049 & 2051) after rigorous safety and equipment reviews.
- Constellation commits $370 million to state-of-the-art upgrades—auxiliary transformers, advanced chillers, condensate polishing enhancements, next-gen feedwater control technology, and a new main power transformer—to enhance reliability and efficiency.
- The renewals safeguard 2,200 jobs and $8.1 billion in federal, state, and local tax revenues over the extended operating periods.
- Clinton’s 1,121 MW facility secures continued operation through a 20-year power purchase agreement with Meta beyond the state’s Zero Emission Credit program expiration in May 2027.
Dec 16, 2025, 6:58 PM
Constellation Energy files Calpine’s 2024 audited and pro forma financials
CEG
M&A
- Exhibit 99.1: Calpine’s audited consolidated financial statements for the years ended December 31, 2024 and 2023 were filed.
- Exhibit 99.2: Calpine’s unaudited consolidated financial statements as of September 30, 2025 and 2024 and for the three and nine months ended September 30, 2025 and 2024 were filed.
- Exhibit 99.3: Unaudited pro forma combined financial statements of CEG Parent and Constellation as of September 30, 2025, for the nine months ended September 30, 2025, and for the year ended December 31, 2024 were filed.
- The report includes forward-looking statements regarding the proposed Constellation-Calpine merger.
Dec 9, 2025, 9:40 PM
Constellation Energy launches exchange offers for Calpine notes
CEG
Debt Issuance
M&A
- Constellation Energy Generation, LLC commenced private exchange offers for Calpine Corporation’s outstanding 4.625% Senior Unsecured Notes due 2029, 5.000% Senior Unsecured Notes due 2031, and 3.750% Senior Secured Notes due 2031.
- Holders who tender by the December 22, 2025 early deadline will receive new Constellation Notes on a one-for-one principal basis plus cash consideration ranging up to $5.00 per $1,000 for the secured notes.
- The exchange offers and consent solicitations to amend Calpine’s indentures (eliminating most non-payment covenants) are conditioned on the planned acquisition under the Merger Agreement dated January 10, 2025, whereby Calpine will become an indirect subsidiary of Constellation.
- The offers expire on January 8, 2026, and holders tendering after the early deadline will receive Constellation Notes at $970 principal per $1,000 with no cash premium.
Dec 9, 2025, 9:36 PM
Quarterly earnings call transcripts for Constellation Energy.
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